\textit{Panel A:} & \multicolumn{6}{c}{Exit Rates} & \multicolumn{2}{c}{Entry Rates} \\ \cmidrule(l){2-7} \cmidrule(l){8-9} \\ & \multicolumn{2}{c}{Experience 0 } & \multicolumn{2}{c}{Experience 10 } & \multicolumn{2}{c}{Experience 40 } & & \\ \cmidrule(l){2-3} \cmidrule(l){4-5} \cmidrule(l){6-7}
            &\multicolumn{8}{c}{}                                                                                   \\
            &    Baseline&        Data&    Baseline&        Data&    Baseline&        Data&    Baseline&        Data\\
\midrule
Bust  Bust  &        0.31&        0.39&        0.10&        0.10&        0.02&        0.04&        0.00&        0.06\\
Bust  Medium  &        0.22&           .&        0.02&           .&        0.02&           .&        0.50&        0.06\\
Bust  Boom  &        0.22&           .&        0.02&           .&        0.02&           .&        0.39&           .\\
Medium  Bust  &        0.22&        0.41&        0.04&        0.11&        0.01&        0.04&        0.08&        0.08\\
Medium  Medium  &        0.28&           .&        0.09&           .&        0.02&           .&        0.00&           .\\
Medium  Boom  &        0.22&           .&        0.03&           .&        0.01&           .&        0.35&        0.06\\
Boom  Bust  &        0.22&           .&        0.02&           .&        0.02&           .&        0.45&           .\\
Boom  Medium  &        0.22&        0.38&        0.04&        0.08&        0.01&        0.06&        0.11&        0.10\\
Boom  Boom  &        0.30&        0.30&        0.09&        0.07&        0.02&        0.02&        0.00&        0.06\\
\midrule \\ \textit{Panel B:} & multicolumn{8}{c}{Distribution} \\ \cmidrule(l){2-9}   & \multicolumn{2}{c}{25th Percentile } & \multicolumn{2}{c}{50th Percentile } & \multicolumn{2}{c}{75th Percentile} & \multicolumn{2}{c}{95th Percentile} \\ \cmidrule(l){2-3} \cmidrule(l){4-5} \cmidrule(l){6-7}  \cmidrule(l){8-9}
            &\multicolumn{8}{c}{}                                                                                   \\
            &    Baseline&        Data&    Baseline&        Data&    Baseline&        Data&    Baseline&        Data\\
\midrule
Bust  Bust  &           1&           1&           3&           3&           6&           8&          15&          24\\
Bust  Medium  &           0&           0&           0&           3&           3&           8&          10&          24\\
Bust  Boom  &           0&           .&           1&           .&           4&           .&          11&           .\\
Medium  Bust  &           1&           0&           3&           3&           5&           8&          15&          23\\
Medium  Medium  &           2&           .&           3&           .&           6&           .&          16&           .\\
Medium  Boom  &           0&           0&           1&           3&           4&           8&          12&          24\\
Boom  Bust  &           0&           .&           0&           .&           3&           .&          10&           .\\
Boom  Medium  &           1&           0&           2&           3&           5&           8&          14&          23\\
Boom  Boom  &           1&           0&           3&           3&           6&           8&          15&          23\\
\midrule \\ \textit{Panel C:} & \multicolumn{8}{c}{Learning} \\ \cmidrule(l){2-9}      & \multicolumn{2}{c}{Experience 0} & \multicolumn{2}{c}{Experience 5 } & \multicolumn{2}{c}{Experience 10} & \multicolumn{2}{c}{Experience 40} \\        \cmidrule(l){2-3} \cmidrule(l){4-5} \cmidrule(l){6-7}  \cmidrule(l){8-9}
            &\multicolumn{8}{c}{}                                                                                   \\
            &    Baseline&        Data&    Baseline&        Data&    Baseline&        Data&    Baseline&        Data\\
\midrule
Bust  Bust  &         0.9&         2.5&        -2.1&         0.2&        -5.0&        -1.0&       -22.6&        -5.7\\
Bust  Medium  &         1.7&         2.7&         5.5&         0.4&         9.3&        -0.5&        32.2&        -2.4\\
Bust  Boom  &         1.7&         3.0&         3.6&         0.9&         5.6&        -0.1&        17.3&        -1.5\\
Medium  Bust  &         1.9&         2.5&         1.8&         0.2&         1.7&        -1.0&         1.0&        -5.7\\
Medium  Medium  &         1.0&         2.7&        -1.7&         0.4&        -4.4&        -0.5&       -20.6&        -2.4\\
Medium  Boom  &         1.7&         3.0&         3.0&         0.9&         4.3&        -0.1&        12.0&        -1.5\\
Boom  Bust  &         1.9&         2.5&         5.9&         0.2&         9.8&        -1.0&        33.7&        -5.7\\
Boom  Medium  &         1.7&         2.7&         1.9&         0.4&         2.0&        -0.5&         2.6&        -2.4\\
Boom  Boom  &         0.8&         3.0&        -2.0&         0.9&        -4.9&        -0.1&       -22.0&        -1.5\\
